The cryptocurrency market seems to be gearing up for another bullish leg, with Bitcoin (BTC) reclaiming the $71,000 level. The global crypto market cap jumped by 3% to $2.51 trillion. With BTC rallying, we may witness other crypto assets, such as Ripple’s XRP, entering the green zone, too.
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XRP’s Struggles and Potential for Growth
While Bitcoin’s (BTC) price is moving full steam ahead, XRP continues struggling to overcome the $0.55 barrier. The asset has rallied 2% in the last 24 hours but is down 3.4% in the weekly charts, 3.7% in the 14-day charts, 15.7% in the monthly charts, and 3.4% since late October 2023.
Why Is XRP Struggling Amid Bitcoin’s Rally?
Ripple’s XRP token has had a rough few years. The asset is down by 84.6% from its all-time high of $3.40, which it attained in January 2018, more than six years ago. Bitcoin (BTC), on the other hand, is down by only 3.9% from its all-time high of $73,737.94.
XRP’s Lackluster Performance
XRP’s lackluster performance could be due to low investor confidence. Ripple was in a legal battle with the SEC for over three years. The lawsuit was recently settled, with the fintech company paying a $125 million fine. Despite the lawsuit coming to an end, investors still seem to be weary about XRP. Traders may be booking profits in other assets as more opportunities arise in the market.
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Will The Asset Hit $1.50 If BTC Reaches $73,000?
According to the analysts at CoinCodex, BTC will breach the $73,000 level on Oct. 31, 2024, hitting a new all-time high of $76,107. This will result in a rally of about 7.34%.
On the other hand, CoinCodex predicts Ripple’s XRP will hit $0.70 on Nov. 2, 2024, after BTC’s rise to $76,107. If XRP hits $0.70, it will lead to a rally of about 34.62%.
Although XRP is predicted to rally by a higher figure, the asset may not soon breach the $1.50 mark.
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